Financial Distress in the Great Depression

We thank two anonymous referees, Michael Bradley, Alon Brav, Murillo Campello, Bill Christie (the editor), Harry DeAngelo, Laura Field, David Hsieh, Pete Kyle, Mike Lemmon, Antionette Schoar, Dennis Sheehan, Sheri Tice, Mike Weisbach, and seminar participants at Duke, Indiana University, Penn State, Tulane, and UCLA for valuable feedback. We acknowledge financial support from the Hartman Center at the Fuqua School of Business. Graham acknowledges financial support from an Alfred P. Sloan Foundation fellowship. Hazarika acknowledges financial support from PSC-CUNY and the Baruch College Fund. Any errors are ours alone. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.